Home FEATURED ‘Moko’ becomes first digital wallet to join National Payment Switch

‘Moko’ becomes first digital wallet to join National Payment Switch

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Moko Wallet has joined the National Payment Switch of Nepal Clearing House. Moko is the first digital wallet to be connected to Switch.

The company is excited to be the first payment service provider to join the National Payment Switch.

So far, 18 commercial banks, 5 development banks and 6 finance companies have joined a total of 28 banks and financial institutions in Payment Switch.

According to the Clearing House, there is a plan to make other banks/financial institutions, payment system operators and payment service providers join the National Payment Switch soon.

It is said that since all the necessary preparations have been made in the first phase to provide more digital payment tools and services while maintaining interconnection between payment systems other than cards, it is said that the implementation will proceed after the agreement.

In the first phase of the National Payment Switch, Nepal Pay QR and Inter-Network QR, Direct Debit Request-to-Pay and E-Mandate tools, wallet-to-wallet interconnection, interconnection through Biller Gateway for various payments and PSO settlement as per Nepal-QR standard under retail payment switch. Payment tools will be available.

In the second phase, the necessary work of National Card Switch and Nepal Payment Card for card and card-related payments has been carried out, according to the Clearing House.

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